Money Laundering In White Collar Crimes

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White-Collar Crimes are nonviolent crimes that are committed by businessmen and government professionals who commit a criminal act for financial gain, but there is one white-collar crime that would be considered the most dangerous form. Money laundering is the most dangerous form of White-Collar crime there is.

When it comes to what would be considered the most dangerous white-collar crimes money laundering would be on top. Money laundering is quite common amongst businessmen, it can have an impact on businesses reputation and economic stability. Money laundering is a serious crime that needs to be taken serous, and how the investigation process is in these types of cases it takes time.

What is money laundering? Money laundering is a criminal act were large amounts of money are being illegally processed. This is where money is ‘dirty’, but the laundering process makes money look clean and legit, so when people see it, they will not question. There has been a variety of businesses that have been caught laundering money. For example, Wachovia bank being one of them. The Wachovia back was at one point in time considered to be one of the largest banks in the United States. The Wachovia bank is a popular case amongst the many other money laundering cases. Wachovia bank was involved with laundering money for the Mexican drug trade and was involved in a drug bust. The bank is now owned by the Wells Fargo bank, but because of the incident that happened with the Wachovia bank it could cause a negative impact on the Wells Fargo company and many other bank companies’ reputations as well. Reputation is especially important to any business, (especially banks) but it can be easily be ruined when potential clients or current clients start to lose trust with the business, they are customers to. Which will result in losing customers and eventually losing some business, which is never good. Weather good or bad, reputation will stay afloat.

Money laundering has also been shown to have had a negative effect on society. It has impacted society because “it fuels drug dealers, terrorists, illegal weapon dealers, and corrupts public officials” (McDowell. Novis, 2020). It allows criminals to evade economic institutes and possibly cause an impact in exchange and interest rates.

This type case has to be taken seriously, because not only are businessmen committing such an act, but two major groups that are a threat is drug cartels and terrorist groups, who have been known to money laundering as well. With the money that these groups are able to launder they are able to purchase weapons. These groups may be able to get not only weapons, but they are able to train and supply their new recruits. With these groups being able to supply the new recruits with weapons who says they are not training the newbies to become the next bombers to destroy human life.

When it comes to the investigation process of money laundering it can be time consuming because although investigators might have access to the records the tough part is tracking down the connections and piecing them together to make a complete view of the money laundering scheme. Money laundering involves three steps. First is placement, this is when the ‘dirty’ money is placed into the financial system. Second is layering, this is when money is being moved around though series of elaborate transactions. Then lastly interrogation, this wis where criminals can withdraw their money from legit business transaction and spend the money as they please. As explained in the book the “Fanatical Action Task Force (FATF) is an organization who has no enforcement authority but they have an international assembly of 34 countries and territories, as well as two regional organizations, deemed to have anti- money laundering controls” (Hess. Orthmann. Cho. 2015) in other words the FATF have developed policies to help combat the money laundering situation.

In conclusion, money laundering is at the top of the list of being the most dangerous white collar crime there is, because not only may it ruin a business’s reputation after what a previous businesses has done, have a negative affect on society, but it needs to be taken more seriously. Terrorist and the drug cartels are able to money launder and with all the money that they are able to get their hands on can be quite scary to think about. With these two groups being able to get their hands-on weapons really hits home because who says the individuals that they are recruiting, and training are not going to be the next mass bomber or shooter. Lasty, the investigation process seems like a lot, but as long as investigators knows how to be patent when read through hundreds maybe even thousands of transactions thoroughly and able to make connections with the documentations they will be able to complete the money laundering scheme.

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